Times Staff Report
For the second year, Calumet City has received an A3 bond rating from Moody's Investors Service.
The rating shows how much healthier the city's finances are and puts the city in a better position for interest rates on bonds and loans, Calumet City Treasurer Michael Zimmerman said. Four years ago, the city faced a $3.4 million deficit. This year, it looks like Calumet City once again is in the black, he said.
"We were happy (the A3 rating) was renewed again," Zimmerman said.
Moody's Investor Services first upgraded the city's credit rating from BAA1 to A3 in 2007.
Zimmerman attributed the improvement to the city's financial plan put into effect three years ago.
"It involved cost-cutting measures and revenue enhancements that put the city back on track as far as our financial portfolio," he said.
Over the years, the Calumet City Council has taken numerous steps, such as consolidating departments, privatizing garbage disposal, early retirement incentives and not filling positions through attrition, Zimmerman said.
